RIDGEWOOD, N.Y. -- Western Beef here said its decline in net sales for the first quarter ended March 31 could be attributed to increased competition from other supermarket operators.
fore taxes increased 5.4%, but net income plummeted 1.8% to $797,000.
Earnings per share remained static at 15 cents.
Peter Castellana, Jr., chief executive officer of Western Beef, said the cancellation of the Targeted Jobs Credit Program negatively impacted net income and earnings per share.
The company plans to open three stores by June. Western Beef currently operates 14 warehouse supermarkets in urbanized, low income areas.